Less than a month ago Bitcoin’s price was $40,683. Last night it reached $61,369 — a gain of more than 50% in just 24 days.
CNN attributes the October surge to “hopes that the Securities and Exchange Commission will soon approve a bitcoin futures exchange-traded fund.”
Bitcoin prices, which rose to nearly $62,000 Friday, are now only about 5% below their all-time high of just under $65,000 that they hit earlier this year.
Investors are hoping that, in addition to approving a bitcoin ETF, U.S. financial agencies will continue to take a more measured approach to regulating cryptocurrencies. Federal Reserve chair Jerome Powell and SEC chief Gary Gensler have suggested that the US won’t crack down on crypto as severely as China has done. “With recent confirmation from both the Fed’s Powell and SEC’s Gensler that although regulations are coming, there is no China style clampdown envisioned, this will provide comfort to the broader institutional market that [bitcoin] is here to stay,” said Seamus Donoghue, vice president of strategic alliances at METACO, a digital asset infrastructure provider.
of this story at Slashdot.
Source:: Slashdot